SCOTTISH convenience store retailer CJ Lang & Son pledged to continue increasing store numbers and investment as it posted a near-13 per cent rise in pre-tax profits to £1.3 million.
The Dundee-based business, which owns the Spar franchise in Scotland and dates back to 1919, said a number of its stores had undergone development to create food to go offerings and increase the provision of post office services. Turnover edged ahead 0.7 per cent to £196m.
The family-owned group, which employs more than 2,000 staff, also reported slight growth in the number of Spar stores it was supplying – and continued expansion of the owned store estate. There are more than 300 Spar stores across Scotland.
“Our strategy continues to be focused on developing the Spar business in Scotland through increasing store numbers and investment in new initiatives to increase footfall, turnover and margins,” the directors said in their report for the year to end April 2015.
They added that the introduction of the national living wage in April 2016 would sharpen their focus on reducing costs wherever possible. The directors said ‘considerable financial benefits’ had been derived from strategic investments over the last two years in improving distribution and energy efficiency.
During the year, CJ Lang completed a refinancing exercise which secures the availability of bank funding until 2020 whilst reducing annual outgoings on loan repayments.
The remuneration of the highest paid director increased from £584,000 to £600,000.
CJ Lang chairman Joan Scott-Adie is the granddaughter of the founder Charles J Lang.
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